# Equity Market Results

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| M1: Z → stock mkt cap/GDP | stock_market_cap_gdp | 779 | 33 | 0.180 |
| M2: Z → portfolio equity/GDP | port_eq_assets_gdp | 5435 | 174 | 0.048 |
| M3: Z×KAOPEN → stock mkt cap | stock_market_cap_gdp | 779 | 33 | 0.178 |
| M4: age ratios → stock mkt cap | stock_market_cap_gdp | 779 | 33 | 0.168 |
| M5: Z → Δstock mkt cap | d_stock_market_cap | 748 | 33 | 0.007 |
| M6: OECD Z → stock mkt cap | stock_market_cap_gdp | 374 | 13 | 0.162 |
| M7a: OECD Z → equity (KT) | stock_market_cap_gdp | 374 | 13 | 0.162 |
| M7b: OECD Z → safe rate (KT) | real_bond_10y | 803 | 23 | 0.108 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| M1: Z → stock mkt cap/GDP | Z_1 | 47.1837 | 471.3652 | 0.9203 |  |
| M1: Z → stock mkt cap/GDP | Z_2 | 4.9424 | 66.9263 | 0.9412 |  |
| M1: Z → stock mkt cap/GDP | Z_3 | -0.4484 | 2.6593 | 0.8661 |  |
| M2: Z → portfolio equity/GDP | Z_1 | -374.4683 | 92.1616 | 0.0000 | *** |
| M2: Z → portfolio equity/GDP | Z_2 | 60.8607 | 13.7903 | 0.0000 | *** |
| M2: Z → portfolio equity/GDP | Z_3 | -2.5423 | 0.5658 | 0.0000 | *** |
| M3: Z×KAOPEN → stock mkt cap | Z_1 | -80.0905 | 508.9355 | 0.8750 |  |
| M3: Z×KAOPEN → stock mkt cap | Z_2 | 27.2903 | 73.4378 | 0.7103 |  |
| M3: Z×KAOPEN → stock mkt cap | Z_3 | -1.4650 | 2.9496 | 0.6196 |  |
| M3: Z×KAOPEN → stock mkt cap | Z_1_x_kaopen | 171.8277 | 262.0175 | 0.5122 |  |
| M3: Z×KAOPEN → stock mkt cap | Z_2_x_kaopen | -27.1522 | 38.6780 | 0.4829 |  |
| M3: Z×KAOPEN → stock mkt cap | Z_3_x_kaopen | 1.1520 | 1.5553 | 0.4591 |  |
| M4: age ratios → stock mkt cap | old_dep | 145.5086 | 271.6818 | 0.5924 |  |
| M4: age ratios → stock mkt cap | youth_dep | -97.8646 | 146.2536 | 0.5036 |  |
| M5: Z → Δstock mkt cap | Z_1 | 49.4456 | 75.4705 | 0.5126 |  |
| M5: Z → Δstock mkt cap | Z_2 | -5.2179 | 10.7360 | 0.6271 |  |
| M5: Z → Δstock mkt cap | Z_3 | 0.1550 | 0.4208 | 0.7128 |  |
| M6: OECD Z → stock mkt cap | Z_1 | -150.4097 | 301.9540 | 0.6187 |  |
| M6: OECD Z → stock mkt cap | Z_2 | 15.7422 | 40.6669 | 0.6989 |  |
| M6: OECD Z → stock mkt cap | Z_3 | -0.4367 | 1.5259 | 0.7749 |  |
| M7a: OECD Z → equity (KT) | Z_1 | -150.4097 | 301.9540 | 0.6187 |  |
| M7a: OECD Z → equity (KT) | Z_2 | 15.7422 | 40.6669 | 0.6989 |  |
| M7a: OECD Z → equity (KT) | Z_3 | -0.4367 | 1.5259 | 0.7749 |  |
| M7b: OECD Z → safe rate (KT) | Z_1 | 43.7238 | 18.0098 | 0.0154 | ** |
| M7b: OECD Z → safe rate (KT) | Z_2 | -4.6309 | 2.3736 | 0.0514 | * |
| M7b: OECD Z → safe rate (KT) | Z_3 | 0.1347 | 0.0881 | 0.1264 |  |

*Controls: rgdp_growth, inflation, fiscal_bal_gdp, kaopen, nfa_gdp_lag*